India’s Welspun Corporation Limited has approved a foray into a host of new businesses in iron and steel manufacturing and trading, according to a regulatory filing by the company.
The board of directors of Welspun has approved diversification plans through subsidiaries and joint ventures into manufacturing and trading of iron and steel products like pig iron, sintering, pellet manufacturing, foundry products, hot rolled coil, cold rolled coil, billets, blooms, rebar, wire rod, color coated sheets, stainless steel and galvanized products.
The company has also approved entering manufacturing and international trading in ductile pipes, gratings and nodular castings, and heat treatment of products.
The company in its filing said that diversification into the iron and steel businesses will be carried out through both organic and inorganic routes.
The company has also proposed to raise fresh funds of around $68 million through issue of debt securities.